A letter of financial hardship is a letter that someone writes when they are having trouble paying off their debts. A letter of financial hardship is most commonly sent to a lender to request consolidation of your outstanding debts, or to request a little leniency in relation to your payment deadlines.

Tips for writing a letter of financial hardship

-          Don’t feel sorry for yourself: don’t try and make it sound like you feel sorry for yourself; this usually has a negative effect

-          Include an action plan: include a way you will repay your debt if your request is granted

Sample letter of financial hardship

Thomas D. Martinez Loan Agents

4393 Flinderation Road
Northbrook, IL 60062

Dear Mr. Martinez,

I am writing to explain my last missed payment, and also to request some leniency in regards to my outstanding payments.

I have just lost my job, and have no income coming in. When I purchased my house and took on this loan, I had over $6,000 coming in every month, and paying my bills was not an issue. But, in my current situation, I have no money coming in, and making payments is becoming difficult for me.

I am requesting a reconsolidation of my debt so I will have an easier time paying it off. Please contact me with an alternate plan if we can work something out.

Sincerely,

Gail K. Lewis